Living the dream? Is it time to set up your own business?

We are certainly looking at an age of uncertainty in business but it may also be a time for great opportunity. Have you got to the point in your employed life that you’d fancy being able to do it better? Maybe you’d like to be your own boss or set your own hours. Perhaps you’ve got a great idea and think that you can turn it into a great business? Whatever happens striding out and starting your own business can be a challenging thing to do and there are a few steps that you have to follow to make sure it is a success but also stay on the right side of the legality.  Whether you’re going for an office in a building or at home or perhaps one of the Office Space Bracknell way that you can find at http://officespacebracknell.co.uk/ . That’s one thing ticked off the list, here are the others.

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  1. Tell the Taxman. The HMRC will need to know that you have gone self-employed or are going to become a registered business. The HMRC produce a handy bit of online training so that you can see how they want your records kept and the In’s and out’s of filling in a tax return. This certainly saves a big headache later
  2. Getting it all covered. Just as with your car and home insurance you’ll need to make sure that the business is insured too. Unfortunately things can go wrong and you will need cover to things like public lability. Believe us when we say it needs to be in place before you embark on your great adventure. Home offices might need changes on the car and home insurance for example.

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  1. What’s in a name? You might have a brilliant name for your business but there is ever chance that someone might already be trading under it. Like when you were choosing a name for your Band when you were going to be a Popstar this is very important. Settle on a name, check with Companies house its free, then go and get the cards printed and the website domain purchased.
  2. Counting the costs. Buying some pens? Record it. Need to go to a meeting that requires travel and petrol, Record it. There are a huge amount online accounting packages that allow you to use a laptop rather than a ledger. Keep every receipt!
  3. Make a plan. There is always time to have one so that you’ve got an ultimate goal.

This should get you started but there is lots more to it than that!

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